Moneyness; The ability to create money, or increase value of a stock, bond or currency; The ability of sovereign authority to create currency; The difference between the face value of money and its cost of production; The right of the lord to coin money; A stamp upon, mark, or etching in, that declares value and purchasing power or economic exchange.
Insolvent sovereigns cannot govern. Greece and Italy having lost their debt sovereignty, now lack seigniorage, the ability to create money. And Spain has lost its debt sovereignty and lacks debt seigniorage as well as the interest rate on its 10 year bond has risen above 6%. The periphery nations cannot spend what they do not have. They are without fiscal spending resources, and have to depend on the sovereign authority of a Euracracy, that is the EU ECB Troika. The seigniorage of fiat money is history, and the seigniorage of diktat has commenced. And it is mandating expansionary fiscal contraction as we seen in reports of the presentation of the Greek and Italian budgets.